Cummins Inc. (NYSE:CMI) Shares Acquired by Swiss National Bank

Swiss National Bank grew its position in Cummins Inc. (NYSE:CMI) by 0.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 405,978 shares of the company’s stock after acquiring an additional 1,100 shares during the quarter. Swiss National Bank’s holdings in Cummins were worth $131,452,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Claro Advisors LLC acquired a new stake in shares of Cummins during the third quarter worth $308,000. Alpha Family Trust acquired a new stake in shares of Cummins during the third quarter worth $214,000. River Street Advisors LLC lifted its holdings in shares of Cummins by 3.9% during the third quarter. River Street Advisors LLC now owns 6,080 shares of the company’s stock worth $1,969,000 after purchasing an additional 229 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Cummins by 2.2% during the third quarter. Natixis Advisors LLC now owns 98,665 shares of the company’s stock worth $31,946,000 after purchasing an additional 2,092 shares during the period. Finally, Mizuho Securities USA LLC lifted its holdings in shares of Cummins by 673.6% during the third quarter. Mizuho Securities USA LLC now owns 81,573 shares of the company’s stock worth $26,413,000 after purchasing an additional 71,028 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.5 %

Shares of CMI stock opened at $361.85 on Monday. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21. The stock has a market cap of $49.64 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.77 and a beta of 0.97. The business has a fifty day simple moving average of $328.91 and a 200-day simple moving average of $301.77. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup increased their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. increased their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Finally, Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $334.33.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.